HomeMy WebLinkAbout2006-04-25; City Council; 18540; Report on City Investements as of 03/31/06CITY OF CARLSBAD • AGENDA BILL
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MTG. 4/25/06
DEPT. TRS
TITLE:
REPORT ON CITY INVESTMENTS
AS OF MARCH 31 . 2006
DEPT. HDTf — ,
CITYATTY: <S&>
CITY MGiHl aJCJ^^—
RECOMMENDED ACTION:
Accept and file report.
ITEM EXPLANATION:
The City's Investment Policy requires the City Treasurer to report to the City Council on a
monthly basis the status of the City's pooled investment portfolio. A quarterly report is
also required for the investments of bond proceeds held separately. The City's pooled
investment portfolio as of the month ended March 31, 2006 is summarized below.
Pooled Investment Portfolio (Cash and Securities)
Par Value
Cost of Investments
Amortized Cost (1)
Market Value (2)
Current Month
505,184,836
505,097,189
504,310,336
497,450,830
Prior Month
509,272,886
509,233,767
508,408,088
502,567,793
(1) The cost of investments adjusted for amortized premiums and discounts.
(2) The amount at which the investments could be sold. Source of market values is Union
Bank of California's custodial report as of 3/31 /Ok.
The equity portion of the various funds in the total portfolio is summarized in the graph
below. Fund balances are restricted for various purposes. See Exhibit 7 for a more
detailed breakdown.
FUND EQUITY IN POOLED INVESTMENTS
(Dollar Amounts in Millions)
Special Revenue
$33.9
.Capital Projects
$ 226.8
General
$52.0
Other $7.3Internal Service
$20.2
Agency $24.4
Enterprise
$139.7
Total Treasurer's Investment Portfolio at Amortized Cost
$5043 Million
PAGE TWO
Pooled Investment Interest Income
Cash Income Fiscal
Year-to-Date *
Current
Month FYTD
13,139,857
Prior
Month FYTD
11,714,082
Current Month
Income
1 ,425,775
*The cash income received is adjusted for any accrued interest purchased.
Pooled Investment Performance/Measurement
January 2006
February 2006
March 2006
Average Life
(Years)
2.01
2.12
2.16
Average Yield
3.99%
4.04%
4.08%
Modified Duration
1.852
1.937
1.971
All pooled investments have been made in accordance with the City's Investment Policy adopted
January 2, 1985 and last revised October 18, 2005. All investments were initially made in
accordance with the City's Investment Policy. Events subsequent to the purchase might have
resulted in some investments not being in compliance with the current policy. These events are
typically a change in the City's Investment Policy, a change in the credit rating subsequent to a
purchase, or a temporary reduction in total portfolio assets. See Exhibit 8 for details.
The pooled investment portfolio has the ability to meet the City's cash flow demands for the next six
(6) months.
In summary, the City's investments of bond proceeds held separately as of the quarter ended March
2006 is as follows:
Investment Portfolio for Bond Proceeds
Par Value
Cost
Current Quarter
27,701,189
27,701,189
Prior Quarter
27,476,085
27,476,085
All investments of bond proceeds have been made in accordance with the City's Investment Policy
and the trust indenture for each issue.
EXHIBITS FOR POOLED INVESTMENTS:
1. Investment Portfolio Breakdown By Amortized Cost, Market Value, Cash Income, and Average Yield
2. Investment Portfolio Breakdown Of Maturities
3. Yield Comparison Graph
4. Cumulative Cash Income Graph
5. Third Quarter Transactions
6. Detailed Investment Report
7. Fund Equity in Pooled Investments
8. Corporate Note and Commercial Paper Ratings
9. Percentage Weightings By Corporate Note Issuer
EXHIBIT FOR INVESTMENTS OF BOND PROCEEDS HELD SEPARATELY:
10. Detailed Investment Report - Quarterly Report
EXHIBIT FOR SUMMARY OF OUTSTANDING HOUSING LOANS:
11. Detail Of Outstanding Housing Loans - Quarterly Report
Department Contact: Nancy Sullivan (760)602-2473 nsull@ci.carlsbad.ca.us
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EXHIBIT 7
Fund Equity in Pooled Investments
AS OF MARCH 31, 2006
Cash Balance by Fund:
General 52,049,081
Special Revenue 33,877,139
Debt Service 2,865,735
Capital Projects:
General Capital Construction 50,723,672
Traffic Impact Fees 11,174,981
Public Facilities Fees 39,387,314
Park Development 4,314,893
Transnet Taxes 8,137,496
Drainage Fees 10,434,740
Special Districts 80,338,608
Infrastructure Replacement 21,847,576
Other Capital Construction 406,642
Total 226,765,921
Enterprise:
Carlsbad Municipal Water District 52,810,532
Sewer Fund 62,292,117
Solid Waste 6,532,924
Storm Water 444,337
Golf Course 17,617,899
Total 139,697,810
Internal Service 20,183,521
Agency Funds 24,361,887
Redevelopment Funds (1) 0
Misc. Special Funds 0
Total General Ledger Balance ** 499,801,094
Reconciling Adjustments (2) 4,509,242
Total Treasurer's Investment Portfolio at Amortized Cost 504,310,336
(1) Redevelopment Fund Balances are interspersed throughout all funds.
(2) The Reconciling Adjustments consist of differences between the General Ledger which is prepared
on an accrual basis and the Treasurer's report which is prepared on the cash basis. Accrued Interest,
amortized premium or discounts and outstanding checks and deposits in transit are not included in the
Treasurer's summary. Differences between the time journal entries are posted and the time this
report is produced may also be a component of the adjustment.
** Figures based on best estimate at the time report run on 04/06/06
EXHIBIT 8
CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF MARCH 31, 2006
CORPORATE NOTE AND COMMERCIAL PAPER RATINGS
Corporate Note Investments Meeting the Current Investment Policy:
(Ratings must be AA or better by both Moody's and S&P)
Moodv's
ALLSTATE FINANCIAL AA2 AA
CITIGROUP AA1 AA-
GENERAL ELECTRIC AAA AAA
SECURITY CAPITAL - GE AAA AAA
US BANCORP AA2 AA-
WORLD SAVINGS BANK AA3 AA-
Commercial Paper Investments Meeting the Current Investment Policy:
(Ratings must be A1/P1 or better by both Moody's and S&P)
(Ratings of other debt must be AA or better by Moody's or S&P)
Investments with Subsequent Changes in Credit Rating *
Latest Carrying Market
Moodv's S&P Maturity Date Purchased Value Value
CREDIT SUISSE
MORGAN STANLEY DEAN WITTER AA3
PACIFIC BELL
SBC COMMUNICATIONS
* The City's Investment Policy allows the City Treasurer to determine the course of action that would correct exceptions
to the policy. All of these investments are paying interest at the required times. The principal of all investments are
considered secure. It is the intent of the City Treasurer to hold these assets in the portfolio until maturity unless events
indicate they should be sold.
AA3
AA3
A2
A2
A+
A+
A
A
04/18/07
04/15/06
08/15/06
05/02/06
AA3/AA-
AA3/AA-
AA3/AA-
AA3/AA-
4,061 ,963
1 1 ,600,707
6,049,637
1 ,999,631
4,018,320
11,603,480
6,031 ,440
2,000,600
EXHIBIT 9
CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF MARCH 31, 2006
WEIGHTINGS FOR CORPORATE AND FEDERAL AGENCY ISSUERS
PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER
Investment Cost Percent of Portfolio*
ALLSTATE FINANCIAL
CITIGROUP
CREDIT SUISSE
GENERAL ELECTRIC CAP
SECURITY CAPITAL
MORGAN STANLEY DEAN WITTER
SBC COMMUNICATIONS
PACIFIC BELL
US BANKCORP
WORLD SAVINGS BANK FSB
1,995,651.84
6,991,793.10
4,270,881.12
15,445,257.01
3,380,298.92
11,680,494.15
1,978,738.00
6,532,601.68
2,952,150.09
2,999,689.80
0.40%
1.38%
0.85%
3.73%
2.31%
1.69%
0.58%
0.59%
PERCENTAGE WEIGHTINGS BY FEDERAL AGENCY ISSUER
FEDERAL FARM CREDIT BANK
FEDERAL HOME LOAN BANK
FEDERAL HOME LOAN MORTGAGE CORP
FNMA DISCOUNT NOTE
FEDERAL NATIONAL MORTGAGE ASSOC
Investment Cost Percent of Portfolio*
5,990,313.30
172,700,081.83
139,896,391.84
9,659,665.28
93,868,345.62
1.19%
34.19%
27.70%
1.91%
18.58%
Total Portfolio
* No more than 5% may be invested with a single corporate issuer.
**There are no percentage limits on federal agency issuers.
$505,097,189.37
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